Avery  Architectural  and  Fine  Arts  Library 
Gift  of  Seymour  B.  Durst  Old  York  Library 

Ex  Hthrta 

SEYMOUR  DURST 

~t '  'To  ft  nt&uu/  ^4m/?ere/am  o]>  Je  J/Lanhatans  r_r 

FORT    NEW    A.WrTERD.UV^^^    (NEW    YORK   1         1 65 1 

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Because  it  has  been  said 
"Ever  thing  comes  t'  him  who  waits 

Except  a  loaned  book." 

^Ehe  Westchester 
fath 


Digitized  by  the  Internet  Archive 
in  2013 


http://archive.org/details/westchesterpathOOwest 


^he  Westchester  ^fpath 


N  the  early  Colonial  days  "The  Old 
Westchester  Path"  was  the  main 
thoroughfare  connecting  New  York 
City  and  Westchester  County.  The 
historian  describes  it  as  little  better 
than  an  Indian  trail,  littered  with  rocks  and,  during 
the  rainy  months,  most  difficult  to  travel. 

Many  of  the  foremost  actors  in  Colonial  History 
resided  in  Westchester  County  at  this  period.  Most  of 
them  maintained  winter  residences  in  New  York  City. 
Each  year  "The  Old  Westchester  Path"  was  the  route 
taken  by  the  Morrises  to  their  seat  at  Morrisania,  by 
the  Van  Cortlandts  and  the  Philipses  to  their  Manor 
Halls  on  the  Hudson,  by  the  Heathcotes  to  their  Manor 
of  Scarsdale,  by  the  Pells  to  their  Manor  of  Pelham, 
and  by  the  Jays  and  De  Lanceys  to  their  broad  acres  on 
the  sandy  shores  of  Long  Island  Sound. 

The  "Path"  of  three  generations  ago  still  connects 
the  metropolis  and  the  Hills  of  Westchester,  but  it  has 


been  beaten  by  the  feet  of  many  travelers  into  a  path  of 
steel  and  macadam  and  broadened  by  the  ebb  and  flow 
of  daily  traffic  into  a  network  of  parkways,  boulevards 
and  railroad  lines  spread  fan-shape  over  the  county, 
converging  in  the  heart  of  the  nation's  greatest  city. 

Today,  the  boundary  line  between  New  York  City 
and  Westchester  County,  in  length  barely  nine  miles, 
is  crossed  by  a  six-track  railroad,  three  four-track,  a 
double  and  a  single-track  railroad,  and  a  half  dozen 
electric  trolley  lines.  Another  four-track  railroad  is  in 
course  of  construction  and  the  subway  forms  an  in- 
visible but  efficient  link  between  Westchester  County 
and  the  Battery.  In  the  year  1909,  an  average  of  60,000 
people  traveled  the  new  "Westchester  Path"  daily. 

No  county  is  richer  in  historical  interest  than  West- 
chester. At  White  Plains,  the  County  Seat,  the  Colonial 
Legislature,  on  the  9th  of  July,  1776,  ratified  the 
Declaration  of  Independence  and  its  members  styled 
themselves  for  the  first  time,  "Representatives  of  the 
State  of  New  York."  A  magnificent  armory  now  marks 
j;he^slteof  the  State's  birthplajBe.^r^3$e  old  Philipse 
Manor  House,  with  its  broad  staircase  and  stately  halls, 

"  ers  City  Hall, 


though  now  transformed  into  t 


Van  Cortlandt  Manor 
House,  Kings  Bridge, 
Built  by  Frederick  Van 


still  bears  evidence  of  the  luxury  enjoyed  by  the  Lords 
of  the  Manor,  while  its  mysterious  underground  pas- 
sages, one  of  which  connected  it  with  the  Hudson  River 
near  a  favorite  anchorage  of  Colonial  free-traders,  throw 
some  light  upon  the  source  from  whence  much  of  the 
luxury  came.  At  Tarrytown  the  British  Major  Andre, 
returning  from  his  meeting  with  the  traitor  Arnold,  was 
captured  by  men  whose  descendants  still  reside  near  the 
spot,  and  close  by,  peacefully  dozing,  is  the  tiny  hamlet 
of  Sleepy  Hollow,  made  famous  by  the  pen  of  Washing- 
ton Irving. 

"The  Old  Westchester  Path"  was  the  route  adopted 
by  the  Colonial  Legislature  of  the  State  in  its  flight  from 
the  scene  of  its  deliberations  in  New  York  City  to  "  the 
white  plains"  in  June,  1776,  and  was  also  the  road 
chosen  by  Fenimore  Cooper's  "Spy"  in  his  perilous 
journeyings  in  quest  of  information  for  the  use  of  the 
Commander-in-chief  of  the  Continental  army. 

The  Westchester  County  of  today  retains  the  rare 
characteristics  of  climate  and  landscape  which  made  it 
attractive  to  the  manor  lords  of  old,  but,  instead  of  the 
broad  farms  of  manorial  times  and  the  meagre  and 
widely-scattered  population,  it  has  become  the  County 


Heathcote  Hill,  Mamaroneck.  The 
County  seat  of  the  Heathcote  and 
DeLancey  families  since  noo.  The 
present  house  was  built  in  1792  by 
John  Peter  DeLancey  and  in  it  were 
born  Susan  Augusta  DeLancey,  wife 
of  James  Fenimore  Cooper  and  the 
Right  Reverend  Wm.  Heathcote  De- 
Lancey, Bishop  of  Western  New  York. 


of  Many  Homes,  containing  Yonkers,  in  population  the 
eighth  city  of  the  State,  Mount  Vernon  and  New 
Rochelle,  cities  with  an  approximate  population  of 
31,000  and  29,000  respectively,  and  White  Plains,  a 
village  of  16,000,  said  to  be  the  largest  village  in  the 
State.  In  1880  the  population  of  Westchester  County 
was  108,998;  in  1890,  146,772;  in  1900,  184,257;  in 
1905,  228,941,  and  in  1910  over  300,000.  For  the  five 
years  preceding  the  State  census  of  1905,  twenty  coun- 
ties in  New  York  State  show  a  decrease  in  population. 
Excluding  the  counties  comprising  Greater  New  York 
City,  Westchester  County  leads  in  point  of  increase. 

The  cause  of  Westchester's  rapid  growth  is,  un- 
doubtedly, its  proximity  to  New  York  City.  This 
seething  vortex  of  the  country's  business  activity,  with 
its  ever-widening  eddies,  is  constantly  sucking  in  more 
people.  Within  the  63  square  miles  comprising  the 
Boroughs  of  Manhattan  and  The  Bronx  nearly  one-half 
of  the  State's  entire  population  perform  their  daily 
tasks.  These  workers  and  their  families  must  live 
^\^^^^e  air  is  fit  for  the  children  to  breathe  and  where 
.here  is  space  for  the  family  roof-tree.  Here,  then,  is 
the  demand  for  homes.    Westchester  County,  with  an 

Philipse  Manor  Hoxise, 
Yonkers,  in  isi2.  Built 
in  /gsl>  by  Lord  Frederick 
Phili])se  and  now  used  as 
the  Yonkers  City  Hall. 
Home  of  the  celebrated 
beauty,   Mary  Philipse 


area  of  450  square  miles  lying  within  what  is  known  as 
the  commutation  district,  bountifully  provides  the 
supply. 

As  a  logical  result  of  the  growth  of  the  county  real 
estate  values  in  Westchester  have  doubled  and  quad- 
rupled in  the  past  twenty  years.  The  application  of  the 
immutable  law  of  supply  and  demand  has  created  an 
active  real  estate  market,  which,  in  turn,  has  settled 
real  estate  values  and  causes  a  constant  demand  for 
mortgage  loans. 

The  Westchester  &  Bronx  Title  &  Mortgage  Guar- 
anty Company  of  White  Plains  is  the  largest  loaning 
institution  in  Westchester  County.  It  lends  annually 
on  bond  and  mortgage,  secured  by  improved  real  estate 
in  the  choicest  sections  of  the  County,  about  $2,500,000. 
The  mortgages  thus  obtained  have  been  sold  to  investors 
with  the  principal  and  interest  guaranteed. 

Mortgages  on  real  estate  are,  theoretically,  the  safest 
form  of  investment.  This  has  been  recognized  by  the 
laws  governing  the  investment  of  trust  funds  since  the 
earliest  days  of  English  Jurisprudence. 

W 

Westchester  County  has  been  called  the  County  of 
Many  Homes.   By  far  the  greater  number  of  the  loans 

Philipse  Manor  Hall, 
Yonkers.  Restored  in  isse 
and  recently  purchased 
for  the  City  of  Yonkers 
by  Mrs.  Wm.  F.  Cochrane, 
to  be  used  for  historical 
purposes. 


made  by  this  Company  are  secured  by  mortgages  on 
homes.  Some  mortgages  cover  modest  cottages  and 
some  palatial  mansions.  They  vary  in  amount  in  pro- 
portion to  the  value  of  the  security. 

The  keynote  of  our  success  in  lending  money  is  un- 
doubtedly the  word  "home."  We  believe  that  homes 
form  the  best  class  of  security  for  conservative  loans. 
The  home  is  the  most  closely  guarded  possession  of  the 
average  man.  He  will  be  forced  to  the  last  ditch  of 
financial  defense  before  it  is  sacrificed. 

On  two  occasions  only  in  the  history  of  this  company 
has  it  been  obliged  to  take  property  at  foreclosure 
sale,  and  in  neither  case  was  it  a  home  which  was 
sacrificed. 

The  guaranteed  Westchester  mortgage,  as  procured 
by  this  company,  is  the  product  of  the  most  improved 
and  conscientious  method  of  lending  money.  It  is  a 
mortgage,  which,  besides  the  promise  of  the  borrower 
secured  by  the  land,  carries  with  it  a  promise  of  pay- 
ment by  a  third  party,  called  the  guarantor. 

In  the  case  of  our  investments,  we  are  the  third  party, 
and  if  our  judgment  as  to  real  estate  values  be  erro- 
neous, or  if  our  method  of  acquiring  first  mortgages  be 

Ghiion's  Tavern,  Eastchester,  on 
the  old  Westchester  Path.  Erected 
about  mo  and  kept  by  Charles 
Chiton  during  the  Revolution.  At 
this  Inn,  Governor  Oeorge 
Clinton,  after  the  evacuation  of 
New  York  in  ms  directed  the  State 
Council  to  assemble. 


faulty,  we  are  bound  to  make  good  the  loss.  The  old 
method  of  making  loans  on  bond  and  mortgage  required 
that  the  lender  rely  entirely  upon  his  own  judgment  or 
upon  the  judgment  of  his  professional  adviser  in  select- 
ing the  mortgage  security.  Should  a  mistake  be  made, 
either  in  judgment  as  to  values,  or  in  the  work  of  exam- 
ining the  title  and  closing  the  loan,  the  loss  fell  upon  the 
investor,  provided  his  attorney,  if  the  mistake  were  his, 
had  used  what  in  the  law  is  called  "  due  diligence."  Our 
guarantee  is  absolute. 

Besides  the  element  of  safety,  inseparable  from  our 
guaranteed  Westchester  mortgages,  they  possess  the 
acceptable  characteristic  of  convenience.  In  detail,  the 
guarantee  which  goes  with  our  mortgage  investments 
means : 

First:  That  the  real  estate  security  has  been  sub- 
jected to  an  appraisal  by  the  trained  appraisers  in  the 
employ  of  the  company;  that  their  report  has  been 
approved  by  the  members  of  the  Mortgage  Committee, 
which  committee  is  selected  from  the  Board  of  Directors 
of  the  company  and  is  composed  of  men  thoroughly 
familiar  with  the  value  of  local  real  estate,  all  of  whom 
reside  in  Westchester  County;  that  the  amount  of  the 

The  old  Miller  House, 
White  Plains,  where 
General  Washington 
established  his  head- 
quarters during  the  bat- 
tle of  White  Plains,  Oct. 

28th,  1776. 


loan  approved  does  not  exceed  60%  of  the  Company's 
valuation  of  the  proposed  security. 

Second  :  That  the  title  to  the  real  estate  security  has 
been  put  to  the  test  of  an  examination  by  our  Title 
Examination  Department  and  has  been  found  satis- 
factory. 

Third  :  That  the  bond  and  mortgage  have  been  pre- 
pared and  the  mortgage  recorded  under  the  scrutiny  of 
expert  conveyancers  in  the  employ  of  our  Conveyancing 
Department. 

Fourth:  That  the  principal  will  be  paid  when  due 
or  within  the  time  limit  mentioned  in  the  Guarantee 
Policy,  and  that  interest  checks  will  be  received  by  the 
investor  promptly  on  each  semi-annual  interest  day, 
without  regard  to  the  payment  or  non-payment  of  the 
interest  by  the  borrower. 

Fifth  :  That,  through  the  agency  of  our  Tax  Regis- 
tration Bureau,  the  taxes  levied  from  time  to  time 
against  the  mortgaged  premises  will,  if  in  default,  be 
paid  before  the  property  has  been  sold  by  the  tax 
officials,  and,  that  our  Fire  Insurance  Department  will 
maintain  sufficient  fire  insurance  on  the  mortgaged 
buildings  during  the  life  of  the  mortgage.    The  guar- 

Tlie  second  Court  House  built  at  White 
Plains  in  m?  on  the  site  of  the  Court 
House  which  was  burned  by  the  American 
troups,  the  records  having  been  first  re- 
moved Nov.  r>,  me.  The  first  Court  House 
was  erected  in  i1S9  upon  the  removal  of 
tlic  County  Seat  from  Westchester  village 
to  "The  White  Plains".  It  was  in  the 
first  building  that  the  Colonial  Legislature 
passed  it's  famous  resolution  of  July  uth 
— Tin,        ::        ::         ::         ::  :: 


antee  also  keeps  the  building  in  repair  and  attends 
to  the  renewal  of  the  investment,  if  that  course  be 
desirable. 

Sixth:  That  the  company  stands  back  of  the  real 
estate  security,  with  ,its  entire  capital  and  surplus,  to 
indemnify  the  investor  in  case  of  loss. 

All  these  agreements  are  embodied  in  a  policy 
which  is  delivered  to  the  purchaser  of  the  mortgage 
with  the  mortgage  papers. 

The  mortgages  sold  by  this  company  as  investments 
are  exempt  from  taxation  in  the  State  of  New  York. 

If  an  inspection  of  the  mortgage  security  be  deemed 
essential,  as  it  is  in  the  case  of  the  investment  of  Saving 
Bank  Funds,  the  mortgaged  premises  are  all  in  West- 
chester County  and  can  be  viewed  without  inconvenience 
prior  to  the  purchase  of  the  mortgages.  Guaranteed 
mortgages  can  be  successfully  purchased  by  mail. 
Memoranda  of  investments  are  cheerfully  submitted 
upon  request.  The  amount  of  our  mortgages  range 
from  $3,000  to  $50,000. 

Our  Guaranteed  First  Mortgage  Certificates  are 
issued  in  denominations  of  $100,  $500,  and  $1000,  and 
represent  undivided  shares  in  guaranteed  first  mort- 


Present  Court  House, 
White  Plains.  Erected 
in  /S55-57  and  enlarged 
in  i893  and  oos.  Total 
cost  approx.  $f  ,000,000.00. 


gages.  They  are  issued  to  supply  the  demand  for  small 
investments  and  to  care  for  funds  of  odd  amounts.  Our 
booklet,  "How  $500  Can  Earn  5%,"  is  devoted  exclu- 
sively to  the  Certificates  and  can  be  had  upon  request. 

Interest  on  investments  begins  on  the  day  upon  which 
we  receive  the  check  for  the  principal.  If  it  happens 
that  we  cannot  supply  a  mortgage  in  the  amount  de- 
sired, we  arrange  to  pay  bank  interest  on  funds  awaiting 
investment,  aiming  to  supply  the  mortgage  at  the  earliest 
opportunity. 

The  company  makes  no  charge  for  its  services  to  the 
investor.  The  premium  for  the  guarantee  is  paid  by  the 
borrower.  The  mortgages  are  usually  sold  to  the  in- 
vestor at  Y2  of  1  %  less  than  the  rate  of  interest  provided 
for  in  the  mortgage.  The  3^  of  1%  is  our  fee  for  ser- 
vices. The  investor  has  the  custody  of  the  bond  and 
mortgage.  The  assignment  to  him  is  recorded  at  our 
expense. 

The  guarantee  policy  runs  until  the  mortgage  is  paid 
and  does  not  expire  with  the  maturity  of  the  mortgage. 
Our  guaranteed  mortgages  usually  run  for  three  years, 
and,  if  i%$be 'opinion  of  our  Appraisers  and  Mortgage 
Committee  conditions  continue  to  be  satisfactory  on 

"Birth  Place  of  the  State  of  New 
York:'  State  Armory,  White 
Plains,  Headquarters  of  Com- 
pany L,  10th  Reg.,  N.  Y.  S.  N.  G. 
Erected  in  1909  on  the  site  of  the 
old  Court  House  in  ichich  the 
Colonial  Congress  of  the  Province 
of  New  York  on  July  9th,  ma, 
adopted  a  resolution  giinng  sanc- 
tion to  the  Resolution  of  Inde- 
pendence adopted  by  the  Conti- 
nental Congress,  July  '.'nd,  m6. 


the  due  date  of  the  mortgage,  an  extension  is  arranged 
for  another  term  of  three  years,  without  expense  to  the 
investor.  In  this  way  an  investment  in  a  guaranteed 
mortgage  can  be  for  a  long  or  short  term  at  the  will 
of  the  investor. 

The  guaranteed  mortgage  is  a  legal  investment  for 
trust  funds  under  the  Statutes  of  the  State  of  New  York. 
It  is,  therefore,  particularly  recommended  to  savings 
banks,  executors,  trustees,  committees,  guardians  and 
others  charged  with  the  duty  of  investing  funds  held  in 
trust.  This  form  of  investment  also  strongly  commends 
itself  to  that  great  class  of  persons  who  depend  upon 
the  income  from  their  investments  for  their  daily  living. 
These  persons  must  have  the  highest  return  in  interest 
compatible  with  perfect  safety.  Government,  munici- 
pal and  many  private  corporate  bonds  are  recognized 
as  safe  investments,  but  they  cannot  compete  with 
Guaranteed  First  Mortgages  in  point  of  net  return. 

The  guaranteed  mortgage  is  not  an  investment  for 
the  speculator.  It  is  always  worth  par — no  more,  no 
less. 

Without  making  undue  claims  for  our  Westchester 
County  Guaranteed  First  Mortgages,  it  may  be  said  in 


conclusion  that  this  investment  and  its  offspring,  the 
Guaranteed  First  Mortgage  Certificate,  contain  more 
elements  of  safety  and  fewer  of  risk  than  any  other 
investment  with  a  like  return  in  interest.  Your  money 
need  not  lie  idle  awaiting  investment.  Our  mortgages 
are  being  made  every  day  and  can  be  had  for  the  asking. 


UfBtrf|p0t£ r  nnh  Ironx 
With  anil  mortgage  (Suarantg  OIo- 

Wt\\tt  Plains,  £3>tu  fork 


Capital  and  Surplus    -    -  $900,000 


OFFICERS 

FRANCIS  M.  CARPENTER,  President  and  Treasurer 
MOSES  TAYLOR,  Vice  President 

J.  CRAWFORD  STEVENS,  Secretary 

B.  FRANK  PALMER,  General  Manager 

REGINALD  P.  RAY,  Assistant  Secretary 
WILLIAM  X.  WEED,  Counsel 

BRANCH  OFFICES 
The  branch  offices  are  located  as  follows: 
22  Getty  Square,  Yonkers 

55  Lawton  Street,  New  Rochelle 
22  East  First  Street,  Mt.  Vernon 
176  Broadway,  New  York  City 


DIRECTORS 


Frank  Bailey 
Charles  S.  Brown 
Wilson  Brown,  Jr. 
Francis  M.  Carpenter 
Richard  Edie,  Jr. 
James  F.  Horan 
Clarence  H.  Kelsey 
W.  H.  Lockwood 
Frank  V.  Millard 
Henry  Lewis  Morris 


Richard  O'Gorman 

B.  Frank  Palmer 

Edwin  H.  Peck 

Frederick  Potter 

William  Ryan 

Henry  W.  Sackett 

J.  Crawford  Stevens 

Moses  Taylor 

Robert  B.  Van  Cortlandt 

J.  Mayhew  Wainwright 


FRANK    FRESBREY  COMPANY 
NEW  YORK 


